a] It is the market value of final goods and services produced in the domestic territory ofa country by normal residents during an accounting year including net factor income fromabroadb] It is defined as the market value of output of final goods and services produced by normalresidents of an economy in its domestic territory during an accounting year exclusive ofdepreciation and inclusive of net factor income from abroadc] It is defined as the market value of final goods and services produced in the domestic territoryfor a country by its normal residents and non residents during an accounting year less ofdepreciation.d] None of these.

32. Arc elasticity of demand can be defined as follows:

a] Price elasticity at a single point on the demand curveb] Price elasticity of demand between two points on the demand curvec] Both [a] and [b]d] None of these

34. Which principle of Financial Inclusion has been adopted in the 2008-09 Budget?

a] Commercial Banks to include at least 250 rural householdsb] To include retired bank officials, ex-service men to act as Business Correspondentsc] Both [a] and [b]d] None of these

a] Marshall's Theoryb] Hick's Theoryc] Both [a] and [b]d] None of these

38. ‘Market Period’ refers to:

a] The period in which the producers of a good cannot change the quantity produced in response to a change in priceb] The period in which the producers of a good can change the costs of the quantity produced in response to a change in pricec] The time it takes for the market to attain equilibriumd] The time it takes for the consumers to respond to change in the price

39. What is the approximate length of the National Highways of India?

a] 66,590 kmb] 24,268 kmc] 42,344 kmd] 12,468 km

40. The LAC curve:

a] falls when the LMC curve fallsb] rises when the LMC curve risesc] passes through the lowest point of the LMC curved] falls when LMC <> LAC

41. What is Phillips Curve?

a] A tradeoff between the rate of unemployment and the rate of inflation in an economy.b] A tradeoff between the rate of money supply growth and GDP growth in an economy.c] A tradeoff between the rate of unemployment and the rate of literacy in the economy.d] A tradeoff between the rate of GDP growth and the rate of inflation in the economy.

a] Putting in place a system of government regulations and control is most conducive to promotingthe interests of the societyb] An individual pursuing his own self-interest tends to promote the good of his community as well.c] Having a system of public enterprises side by side with private enterprises is most conduciveto promoting the interests of societyd] By perusing the interests of marginalized sections of the population it is possible to promotethe good of the society

a] There is no other allocation in which some other individual is better off and no individualis worse offb] The disadvantaged sections of the society are better off.c] The administrative cost involved is minimumd] The tax burden is equitable distributed.